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Using Flexible Budgets The following summary data are from a performance report for Hyland Company...

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Accounting

Using Flexible Budgets

The following summary data are from a performance report for Hyland Company for May, during which 24,000 units were produced. The budget reflects the companys normal capacity of 25,000 units.

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a. Prepare a new performance report using flexible budgeting. Round all amounts to the nearest dollar.

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b. Which of the two performance reports should Hyland Company management use to measure the company's operating efficiency in May?

\begin{tabular}{|c|c|c|c|c|c|c|} \hline & \multirow{2}{*}{\multicolumn{2}{|c|}{\begin{tabular}{c} Actual \\ Costs \end{tabular}}} & \multirow{2}{*}{\multicolumn{2}{|c|}{\begin{tabular}{l} Flexible \\ Budget \end{tabular}}} & \multicolumn{2}{|l|}{ Variance } \\ \hline & & & & & s & Type \\ \hline Direct material & $ & & $ & & $ & \\ \hline Direct labor & & & & & & \\ \hline Variable overhead & & & & & & \\ \hline Fixed overhead & & & & & & \\ \hline Totals & $ & 0 & $ & 0 & 0 & \\ \hline \end{tabular}

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